8th Sep 2026 07:05
(Alliance News) - Prospex Energy PLC on Monday said it generated record gross monthly revenue in August, as plans to drill four wells at Selva Malvezzi in Italy progressed.
Chief Executive Tom Reynolds of the London-based oil and gas investment company said: "I am pleased with the progress we continue to make across our portfolio with record gross monthly revenue of EUR795,800.
"This is a strong foundation from which to engage with potential partners and secure capital to support our 2027 programme. Identifying partners capable of providing non-dilutive funding is a key focus for the company for the balance of 2026, allowing us to accelerate our development plans while protecting shareholder value."
Italy's Ministry of Environment & Energy Security has accepted the environmental assessment for the planned four-well drilling programme at Selva Malvezzi, with a 60-day public consultation now underway, Prospex said.
The Podere Maiar well produced 2.5 million standard cubic metres of gas in August at an average price of EUR0.67 per standard cubic metre. Gross revenue was EUR1.7 million from the field, in which Prospex has a 37% interest.
Prospex announced that it has signed a new 12-month gas sales agreement for gas from Selva Malvezzi with Hera Trading Srl, starting October 1. The company also said that Schlumberger Italy has delivered early results from a 3D seismic survey, which will help Prospex decide where to drill in 2027.
At El Romeral, August electricity generation revenue was EUR179,400, with Tarba Energia SL cash self-sufficient in July and August. A new transformer is expected to replace the rented unit in September, reducing operating costs. Tarba is the owner and operator of El Romeral.
In Poland, Prospex continues to assess its San & Dunajec licences, focusing on well and completion design for the Mniszow oil discovery.
At Viura in Spain, the Viura-1B well produced continuously for 92 days in the second quarter, with no shut-ins and 100% plant availability. HEYCO Energia Iberia generated EUR4.15 million of cash revenue against EUR3.59 million of cash operating expenditure.
Shares in Prospex closed up 11% at 5.39 pence per share on Monday in London.
By Niall Holden, Alliance News reporter
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